Singapore — Oil dipped on Friday but stayed near three-year highs reached earlier this week, with the Opec-led supply cuts and strong demand gradually drawing down excess supply Brent crude oil futures were at $73.62 a barrel at 5.47am GMT, down 16c, or 0.2%, from their last close. US West Texas Intermediate (WTI) crude futures were down 20c, or 0.3%, at $68.09 a barrel. Both Brent and WTI hit their highest levels since November 2014 on Thursday, at $74.75 and $69.56 a barrel respectively. WTI is set for its second weekly gain, climbing more than 1% this week, while Brent is also poised to rise for a second week, adding around 1.5%. Traders said Friday’s dips were the result of profit-taking following Thursday’s multi-year highs. Oil prices have been buoyed by a gradually tightening market. Led by top exporter Saudi Arabia, oil cartel Opec, has been withholding production since 2017 to draw down a global supply overhang that had depressed crude prices between 2014 and 2016. "Commerc...
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